2024

LayerZero

LayerZero Labs has wrapped up the self-report phase for identifying Sybil addresses, marking a major step in their fight against fraud on their network. 
Initially, over 2 million addresses were under scrutiny, but the company has now pinpointed 803,093 potential Sybil addresses. This significant reduction paves the way for the next phase of their initiative. 
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 The sybil self-report phase has now concluded. Each self-reported address will receive 15% of its intended token allocation, with the remaining 85% returning to qualified users. Between the sybil self-report and analysis by LayerZero, <a href="https://twitter.com/chaos_labs?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@chaos_labs</a>, and <a href="https://twitter.com/nansen_ai?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@nansen_ai</a>, 803,093… <a href="https://t.co/wH9eFcMWV5" target="_blank">pic.twitter.com/wH9eFcMWV5</a>— LayerZero Labs (@LayerZero_Labs) <a href="https://twitter.com/LayerZero_Labs/status/1791622471965163597?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 18, 2024</a>
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In the coming weeks, LayerZero Labs will kick off a community bounty hunt to uncover more Sybil addresses. Participants will need to report at least 20 suspicious addresses and will earn 10% of the expected token distribution for each sybil they identify. This bounty event will start on May 18 at 2:00 UTC and run until May 31 at 23:59 UTC. 
To encourage transparency and accountability, LayerZero Labs launched a public disclosure portal in early May, allowing users to confess to Sybil’s activity. This initiative aims to deter fraud and promote honesty within the community.&nbsp; 
CEO Bryan Pellegrino previously mentioned that around 100,000 wallet addresses voluntarily admitted to being sybils, qualifying them for 15% of the initial airdrop token allocation. LayerZero Labs emphasizes that users who <a href="https://github.com/LayerZero-Labs/sybil-report/blob/main/initialList.csv.zip" target="_blank" rel="noopener">self-report</a> sybil behavior will be rewarded, while those who don’t will receive no token allocation. 
Pellegrino highlighted the importance of gathering Sybil wallet data, stating that it will be crucial for detecting and preventing future fraudulent activities. 
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 Also Read: <a href="https://www.cryptotimes.io/2024/05/07/layerzero-labs-bans-employees-from-airdrop-participation/" target="_blank" rel="noreferrer noopener">LayerZero Labs Bans Employees from Airdrop Participation</a> 
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LayerZero Unmasks 800K Fraudulent Addresses in Sybil Report

The Crypto Times

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